Master of Science (M.S.) in Applied Economics
The M.S. in Applied Economics, a STEM Designated Degree Program, will prepare you to use the data analysis and tools organizations rely on to evaluate policies and programs, develop forecasts, better understand consumer behavior, and analyze marketing efforts. Housed at a top-tier research institution and taught by a faculty of accomplished academics and current industry practitioners, Boston College's M.S. in Applied Economics also emphasizes ethical decision-making—a hallmark of Jesuit education.
Flexible
At Boston College, you can pursue your master's degree full time or part time. Classes are held in the evenings, allowing students to continue working or take on internships while studying.
Rigorous
The program of study includes five core requirements that give you a solid foundation in the theoretical and quantitative tools of economic analysis and an ethics-based approach to public policy. Five elective courses in subjects such as big data, health care economics, economics of banking and insurance, marketing research, and economic development round out the curriculum.
Relevant
The program emphasizes the practical application of coursework and academic study. Guided by faculty members who are seasoned professionals, you will learn to analyze data and work with data analysis tools. Experience with the hands-on work economists do will prepare you to "hit the ground running" upon graduation.
After completing the program, students will...
- Be able to use basic economic models to analyze the choices made by consumers, investors, firms, and governments.
- Be able to utilize macro and microeconomic models in order to analyze business, policy, and social issues and decisions.
- Be able to interpret and analyze macroeconomic data to formulate economic policy and to evaluate the impact of macroeconomic events and forces on their organization.
- Have an intermediate level, practical knowledge of data analysis and econometrics.
- Be able to utilize economic models and econometric techniques in the context of economic analysis in order to address practical business or policy issues.
- Be able to competently use a statistical/econometric software packages.
- Be able to evaluate the ethical ramifications of economic policy proposals.
Get Started
Applied Economics MS Degree
MS in Applied Economics has articulation agreements with Stonehill College, Merrimack College, and Suffolk University. Under the terms of these agreements, qualified students from each partner institution are eligible for:
Waiver of the application fee;
Waiver of the Graduate Record Exam (GRE);
Preferred admission without the competition of the rest of the applicant pool;
Advanced standing for up to two upper-level elective courses in Economics that student has completed at the partner institution;
Option to complete the eight remaining course requirements in one additional calendar year.
Qualifications:
Anticipated successful completion of a bachelor's degree with a major in Economics from partner institution in May of senior year
Overall GPA of 3.30 or above at the partner institution
Submission of all the application materials by the published Boston College deadline.
Students at partner institutions should contact Program Director of MS in Applied Economics at Boston College with any further questions.
“After just one semester in the MSAE program I have already been able to apply some of the concepts in everyday situations at work to solve problems around pricing and forecasting. Without training in statistical modeling programs like Stata and R that I received in the MSAE program my solutions to these problems could not have been as accurate or robust.”
At a Glance
How many courses?
Ten courses—five core courses and five elective courses—are required to complete the M.S. in Applied Economics program.
Flexible
Study full- or part-time. Tailored to the needs of technical professionals and individuals seeking knowledge to advance their careers.
How much does it cost?
$1172/credit. At current tuition rate, the total cost of the MS degree is $35,160
Skills in Demand
143%
job growth in the Greater Boston area for graduates
with a master’s degree in applied economics, 2010-13.
What will I study?
Requirements
- Courses: 10
- Credits: 30
Fall 2019 Course Offerings
-
Accelerated Program for BC Students
Woods College of Advancing Studies is proud to offer Boston College students an option for accelerated completion of the Master of Science in Applied Economics Program. This option is available to students who have graduated within the past three years, with significant previous economics course work, including Economics majors and minors in the Morrissey College of Arts and Sciences as well as to students with Economics concentration in the Carroll School of Management. Students enrolled in the accelerated program will have to complete eight courses in WCAS, which is possible to achieve within one calendar year of entry into the program.
Benefits
Waiver of application fee
Waiver of Graduate Record Exam (GRE)
Preferred admission without the competition of the rest of the applicant poolCredit for Microeconomic Theory (ECON2201 or ECON2203) and Macroeconomic Theory (ECON2202 or ECON2204) courses if the courses are completed with a grade of B or better. These credits will count as fulfilling the requirement of taking Applied Microeconomic Theory (ADEC 7201) and Applied Macroeconomic Theory (ADEC 7200).
Option to complete the eight remaining course requirements in one additional calendar year
Qualifications
Anticipated successful completion of a bachelor’s degree in May of senior year
Overall GPA of 3.30 or aboveGrade of B or better in pre-requisite courses: Principles of Microeconomics, Principles of Macroeconomics, Statistics, Calculus I, and Calculus II*
Submission of all Applied Economics application materials by the end of the semester in which student will graduate. In order to receive priority consideration for WCAS financial aid, students should apply in the Fall semester of their Senior year.
*Calculus II course can be taken after the admission into the program.
Where do our students and graduates work?
Research associate, Federal Reserve Bank of Richmond
Transfer Pricing Analyst, Ernst and Young
Data & Continuous Improvement Analyst, Reading and Beyond / RAB
Assistant Director of Savings Research, Center for Retirement Research
What are the defining characteristics of your program?
Our Master’s Degree in Applied Economics brings together critical skills in practice-oriented data analysis along with a rich curriculum dedicated to ethical sensibilities. Our program seeks to ensure that students have relevant skills for today's (and tomorrow’s) job market. Thus we focus on areas such as public policy legislation, health care, civic agencies, business and banking so that our students will be prepared for careers in a variety of industries.
Is the program a STEM Designated Degree Program?
The MS in Applied Economics program is proud to be a STEM Designated Degree Program. STEM Designated Degree programs are designated by the Department of Homeland Security. F-1 students can apply for a 24-month OPT Extension. Please review additional information and requirements here.What careers are typically available to graduates of the MS program?
Students will be prepared for a variety of careers in fields where there is a demand for analytical precision and significant technical proficiency. These industries include:
- Educational Services
- Financial Services
- Chemical Manufacturing
- Professional, Scientific, and Technical Services
- Insurance Carriers and Related Activities
- Hospitals and Health Care
- Electrical Equipment, Appliance, and Component Manufacturing
- Miscellaneous Manufacturing
- Merchant Wholesalers, Durable Goods
- Credit Intermediation and Related Activities
- Social Assistance
What is the current job outlook for students with an MS in Applied Economics?
Demand for graduates with a master’s degree in applied economics increased from 2010 to 2013 with growth rates over 100 percent in the Northeast (108% growth) and the Greater Boston area (143% growth). Growth rates are expected to continue in this upward trend for the foreseeable future.
How many courses are required for this program?
10 courses are normally required (30 credits total) though some students may elect an additional course focused on developing practical skills for the market (practicum or project). We believe this offers our students a distinctive career advantage over similar programs that do not offer an applied focus.
What are the requirements for admission?
- Online application
- Bachelor’s degree from regionally accredited college/university (minimum GPA 3.0)
- GRE or GMAT (one factor in considering the overall application)
- Personal Statement
- Two letters of recommendation
- Résumé
- Application fee ($60, non-refundable)
- Interview is optional or may be required by program director.
- Prerequisite courses: Principles of Microeconomics, Principles of Macroeconomics, Statistics, Calculus I and II (Calculus II may be taken concurrently during your first semester of study)
What if my GPA is not a 3.0? Am I still eligible to apply for the program?
Yes, you are welcome to apply. We will consider your application and weigh a variety of factors (including GRE/GMAT scores and industry experience) to determine whether we are able to offer you admission. For particular applicants, we may be able to grant admission into the program with particular conditions noted (for example, passing the first two courses with a B or better in each during the first semester).
Do you offer admission to international applicants?
Yes, international applicants are welcome to apply and upon formal admission, are eligible for a student visa. (Please note that TOEFL or IELTS scores are required.) Please note international students pursuing the program with a student visa will need to complete the program in 1.5 years (3 academic semesters).
Must both letters of recommendation be from an academic source?
No, we prefer that one letter of recommendation be from an academic source, and another from an employer or person in a supervisory capacity who can speak about your interests and experience.
Does this program require the GRE?
Yes. We do require the GRE (or the GMAT if that is preferred). However, this is only one of several factors that we use to make admissions decisions.
How much does the program cost?
Tuition can be found on the tuition and aid webpage.
Do you offer financial aid?
Woods College Graduate Programs offer access to US federal aid. These aid funds are available to US Citizens or Permanent Residents only. International Students are not eligible. Woods College Scholarship funding is not currently available in the Graduate Programs. You are welcome to inquire further with regard to your specific circumstances and needs.
If I have not taken particular prerequisite courses can I still apply? Would equivalent work experience qualify instead?
If you have not completed the pre-requisites you may still apply. We offer the opportunity for you to complete all your prerequisites within the Woods College. If you complete your prerequisites with a GPA of 3.0 or better, you will be eligible to receive a conditional acceptance. If you have prior work-related experience, we will ask you to provide a demonstration of your level of mastery of applied economics skills. Please contact us for details of this process.
Do you offer graduate course credit transfer?
We do not accept graduate course credit from other institutions.
Can you tell me about your faculty members?
Virtually all of our faculty hold doctoral degrees in Economics or Statistics and are accomplished practitioners. Their specializations range from work with the International Monetary Fund, to large consulting firms in the Greater Boston area, to academic departments that shape industry standards. Each faculty member is committed to equipping students with real-world skill sets that are applicable to a variety of workplaces.
Is a degree from the Woods College comparable to other Boston College degrees?
Once you have completed your degree requirements, your official student record at BC will reflect the degree itself and the date awarded. The Woods College, as a fully-functioning school of BC, awards degrees as all BC schools do.
What is the deadline for admission?
Applications are accepted on a rolling basis with a December 13th deadline for spring enrollment and June 15th deadline for fall enrollment. In particular circumstances applicants may be approved to take summer courses and should inquire with the program director for more information.
(International students seeking a visa should apply at least 3 months prior to their intended start term, and can only be admitted for fall and spring semesters.)
How long does it take to complete the degree?
This is variable and is largely based on how many courses a student takes at any given time. If you take 2 courses per semeser, you can complete the degree in 16 months.
Can students work full-time and pursue this degree?
This is certainly a possibility and we have designed the program to be flexible to accomodate a variety of scheduling needs.
Do you offer graduate student housing?
No. Boston College does not currently offer housing for graduate students but our Office of Residential Life does have a staff member who can help you find off-campus housing.
Application Information
PrintDeadlines
- Please Note
- Applications are accepted on a rolling basis.
Online Application
Requirement:
Bachelor’s degree from an accredited college/university (minimum GPA 3.0)
Prerequisite courses:
Principles of Microeconomics, Principles of Macroeconomics, Statistics, Calculus I and II (Calculus II may be taken concurrently at Boston College or elsewhere during your first semester of study.)
Application fee $60 (to be paid as part of the online application)
Résumé
To be uploaded to your online Application Form
Personal Statement
To be uploaded to your online Application Form.
In 1,000-1,500 words, describe your academic and professional goals, any experience relevant to this program, and your future plans, expectations, and aspirations.
Letters of Recommendation
Two letters of recommendation (Letters must be sent directly from recommender either through online application portal or directly to Woods College. We will not accept letters that are not in a sealed envelope mailed directly from recommender or emailed directly from recommender).
Transcripts
Transcripts from each college or university in which you were enrolled.
Boston College Alumni and Current Students:
Your BC transcript must be formally requested from the Office of Student Services and submitted to the Woods College. Woods cannot request or access transcripts independently.
Interview
Interview is optional or may be required by program director.
Deadlines
| Fall 2019 | Completed Application Received By | Decision Letter Sent By: |
|---|---|---|
| Early Deadline | February 1, 2019 |
February 15, 2019 |
Regular Deadline |
March 15, 2019 |
April 1, 2019 |
Rolling Admission |
After March 15, 2019 (International Students applying for Fall 2019 must submit an application by June 17th). |
No later than 4 weeks after completion of the admission process |
Spring 2020 |
Completed Application Received By: |
Decision Letter Sent By: |
Early Deadline |
(International Students applying for spring 2019 must submit an application by November 1st. Applications received after November 1st will be considered for the summer semester) |
November 15, 2019 |
Regular Deadline |
|
December 20, 2019 |
Rolling Admission |
After December 13, 2019 |
No later than 4 weeks after completion of the admission process |
Standardized Tests
- GRE (reporting code 7534) or GMAT (reporting code 44X-HX-07) scores
- TOEFL (reporting code 3276) or IELTS scores (if applicable) from within the past two years